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Simple English definitions for legal terms

corporation

Read a random definition: allegatum

A quick definition of corporation:

A corporation is like a pretend person that can do things like a real person, such as borrowing money and suing people. It can also sell parts of itself to other people. Corporations are made by following rules set by the government, and they have to follow those rules to keep existing. Corporations can be sued if they do something wrong, but usually only the money the corporation has is at risk, not the money of the people who own the corporation. However, sometimes the people who own the corporation can be sued if they did something really bad. Corporations have to pay taxes on their money, and sometimes the people who own the corporation have to pay taxes on the money they get from the corporation. This can make it hard for corporations to make money, so some corporations are made in a different way to avoid paying extra taxes.

A more thorough explanation:

A corporation is a type of business entity that is treated as a single, fictional person. This means that it can do things like sue or be sued, lend or borrow money, and own property. It is created by filing articles of incorporation with the state government.

One of the main benefits of incorporating is limited personal liability. This means that the shareholders of the corporation are not personally responsible for the debts or liabilities of the corporation. For example, if a corporation is sued and loses, the shareholders will not be personally responsible for paying the damages.

However, there are some downsides to incorporating. One of these is double taxation. This means that the corporation's profits are taxed at the corporate level, and then again when they are distributed to the shareholders as dividends. This can result in a lower overall profit for the shareholders.

For example, let's say a corporation has 10 shareholders and makes a profit of $100,000. If the tax rate is 10%, the corporation will pay $10,000 in taxes, leaving $90,000 in profits. If this is distributed equally among the shareholders, each will receive $9,000. However, this $9,000 will be taxed again at the individual level, resulting in a lower overall profit for each shareholder.

There are different types of corporations, such as S-corporations, which are taxed differently and may be more beneficial for certain businesses.

Overall, a corporation is a legal entity that allows businesses to operate as a single person, with limited personal liability for the shareholders.

corporate trustee | corporations

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no I have no idea lol, im just pessimistic at this point in the cycle
trees1234567
18:09
or they are waiting for their loan deadline
trees1234567
18:09
everyone
babybunny
18:10
the schools said you’re really great but I’m just not in a place where I can commit to something serious rn
trees1234567
18:10
*everyone I see on LSA is going elsewhere so I always have a sliver of hope that they have openings (but in reality that's only a small percentage of ppl)
Thickthighssavelives
18:11
@babybunny: adcomms are rlly just fuck boys
Really? I feel like I see the opposite, tons of people going to Chi
babybunny
18:11
@Thickthighssavelives: been saying this
babybunny
18:11
a feeler is a 1 am “u up?”
babybunny
18:12
lemme feel u bbg
18:12
@trees1234567: Probably to some extent, 7/28 waitlist admits who went to HLS the last two cycles were Chicago cross-admits
@babybunny: youre shadowbanned for me
babybunny
18:12
@Hellwoods2025: i know hon the deep state is censoring me
18:12
But depends how many were actually deposited at Chicago and whether Chicago overenrolled from RD
18:13
@babybunny: SO TRUE ADCOMMS ARE THE ULTIMATE FUCK BOIS HAHAHA
babybunny
18:13
the ultimate fuck boy is my ex boyfriend but adcoms are a close second
trees1234567
18:14
@jb2028: good to knowww
babybunny
18:22
You Smoke Too Tough. Your Swag Too Different. Your Bitch Is Too Bad. They'll Kill You
trees1234567
18:23
thanks as always
babybunny
18:23
you’re welcome 😇
why you talking about me bunny
babybunny
18:27
musta had you on my mind
trees1234567
19:02
obt congrats!!!
CTCSH
19:09
Now kiss
has anyone ever heard of creative ways people got off waitlist? Like doing some sort of project or submitting material different than the usual essays or loci that worked?
KnowledgeableRitzyWasp
20:31
some schools like it if you visit their campus
KnowledgeableRitzyWasp
20:31
but loci is the core of it, with the promise that you’ll drop everything and immediately deposit/attend
@KnowledgeableRitzyWasp: Ok thank you!
@Seagulleagle10: go in and give the dean a firm handshake and tell em you want to go there
@Seagulleagle10: tell them nothing is going to stop you from attending
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